Discounts applied upon liquidation of shares (underlying ADRs)

After the liquidation of the Sberbank shares underlying the ADR-program, various investors seem to wonder what the background is of this discount. Decree No. 81 of the President of the Russian Federation dated March 1, 2022, "On Additional Temporary Economic Measures to Ensure the Financial Stability of the Russian Federation" (Decree No. 81; https://www.consultant.ru/document/cons_doc_LAW_410578/ ) established a special procedure for the execution of transactions involving securities between residents of the Russian Federation and "persons of foreign states committing unfriendly acts". According to the general rule stipulated by Decree No. 81, transactions involving securities between residents of the Russian Federation and "unfriendly persons" are only possible with the permission of the Government Commission for the Control of Foreign Investment in the Russian Federation (the Government Commission). The minutes of the Government Commission meeting of th...

Update on Cifra's fees - fees have been lowered

We earlier reported on the fees Cifra started charging for holding securities in type C accounts. This led to many parties raising the issue of high fees with Cifra broker.

Various investors already noticed that the 0.25% monthly fee was not applied by Cifra in January 2026. Cifra published the new fee schedule on its website yesterday. In the new fee schedule the 0.25% monthly fee for holding securities via type C accounts via NSD has been amended to a monthly fee of 0,0015%. The new lower fee is applied retroactively from the 1st of January 2026.

The new fee schedule can be found here: https://cifra-broker.ru/about/company/news/ooo-tsifra-broker-obnovilo-reglamentiruyushchie-obsluzhivanie-klientov-dokumenty-57362/